PG&E Corp EVP Alejandro Vallejo Receives Award; Forfeits Shares

What Happened

Alejandro Vallejo, Executive Vice President and Chief People Officer of PG&E Corporation (PCG), had 11,240 performance shares vest on August 1, 2026 (awarded under the company's 2021 Long-Term Incentive Plan). To satisfy tax withholding related to the vesting, 5,086 of those shares were forfeited (disposed) at an assigned value of $17.38 per share, totaling $88,395. The net shares delivered to Vallejo after withholding were 6,154 shares.

Key Details

• Transaction date: 2026-08-01; Form 4 filed 2026-08-04 (covers the 8/1/2026 vesting).
• Award (A): 11,240 performance shares granted/vested at $0.00 (performance shares payable one-for-one in common stock).
• Tax withholding (F): 5,086 shares forfeited at $17.38 per share = $88,395 withheld (treated as disposal to cover tax liability).
• Shares owned after transaction: Not specified in the filing.
• Footnotes:
  • F1: Vested performance shares were granted under the PG&E Corporation 2021 Long-Term Incentive Plan for the performance cycle ended 12/31/2025; payable one-for-one in common stock.
  • F2: The 5,086 shares were forfeited to satisfy tax withholding obligations upon vesting.
• No late filing flag indicated in the document.

Context

This was a standard vesting of performance-based equity, not an open-market purchase or sale for investment purposes. The forfeiture of shares to cover taxes is a common cashless withholding mechanism and does not necessarily signal a decision to sell remaining shares on the open market. Retail investors should view this as executive compensation settlement rather than an indication of insider sentiment.